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Polarcus Limited (OAX: PLCS) announced today that it has received a Letter of Award from Nexen Petroleum U.K. Limited. for a 3D seismic acquisition project in the UK sector of the North Sea. The project will be acquired by Polarcus Naila, the Company's second 12 streamer 3D seismic vessel. The project will commence in June 2010 and is expected to run for approximately 25 days

Labels: Polarcus

posted by The Rogtec Team @ 17:06  0 Comments

His Royal Highness Crown Prince Haakon of Norway today toured POLARCUS ASIMA during a private visit to the Drydocks World - Dubai shipyard in the United Arab Emirates. The Crown Prince is currently on an official visit to the United Arab Emirates that aims to strengthen economic relations between the two countries and support cooperation in renewable energy, oil, gas, environment and marine transportation fields.

HRH Crown Prince Haakon was accompanied on the onboard tour of POLARCUS ASIMA by His Excellency Mr Trond Giske, Minister of Trade and Industry Norway, Her Excellency Mrs Ase Elin Bjerke, Ambassador of Norway to the United Arab Emirates, His Excellency Mr Erik Lahnstein, Deputy Minister of Foreign Affairs Norway, and other distinguished guests and senior representatives of Polarcus and Drydocks World - Dubai. Also accompanying the official delegation onboard were senior representatives of Norwegian industry suppliers to Polarcus; ODIM ASA, Ulstein Group, Kongsberg Maritime and Det Norske Veritas (DNV), each involved in the construction or classification of the high-end 3D seismic vessel being built at the Drydocks World - Dubai shipyard.

POLARCUS ASIMA is a purpose-built 12 streamer 3D seismic vessel of the latest ULSTEIN SX134 design and the largest vessel in the Company's fleet with an overall length of 92m and a beam of 21m. POLARCUS ASIMA is also the first true Arctic-ready 3D seismic vessel in the industry with an ICE-1A

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posted by The Rogtec Team @ 14:38  0 Comments

Polarcus Limited (OAX: PLCS) today held the naming ceremony for the Company's third and most sophisticated 3D seismic vessel yet, POLARCUS ASIMA. The ceremony was held at the Drydocks World - Dubai shipyard in the United Arab Emirates and was attended by over 200 local and international guests.

POLARCUS ASIMA is a purpose-built 12 streamer 3D seismic vessel of the latest ULSTEIN SX134 design and the largest vessel in the Company's fleet with an overall length of 92m and a beam of 21m. POLARCUS ASIMA is also the first true Arctic-ready 3D seismic vessel in the industry with an ICE-1A class notation from DNV, double hull and an advanced ballast water treatment system that eliminates the risk of introducing invasive species into fragile ecosystems such as those found in the Arctic. The vessel has a maximum speed of 15 knots and is capable of deploying 12 streamers of 9,000m length at 100m separation.

The name Asima is derived from the Arabic female name meaning 'protector' to reflect the vessels low environmental footprint and associated advanced features designed to safeguard the environment in the harshest of operating conditions.

Rolf Ronningen, CEO Polarcus, expressed in his welcome speech Polarcus's gratitude to the shipyard and to all involved in the project, before commenting: "We are proud to introduce the world's first true Arctic-ready 12 streamer seismic vessel to the industry. Her advanced hull design and incorporated maritime technologies will ensure that POLARCUS ASIMA will be one of the safest and cleanest seismic vessels in the industry for years to come, whether operating in the harsh Arctic environment where her high ice class will be critical for her safe operation, or the environmentally sensitive sea areas of Australia and Brazil where her sophisticated environmental features will come into their own."

Mrs. Mary Taylor, wife of Polarcus Board Member and Drydocks World-Dubai CEO Geoff Taylor, delivered the blessing and assumed the role of Godmother to POLARCUS ASIMA.

Labels: Polarcus

posted by The Rogtec Team @ 11:51  0 Comments

Polarcus Limited (OAX: PLCS) announced today that after a successful mobilization the seismic vessel POLARCUS NAILA has now entered into production on her first project, offshore Cameroon, West Africa. The contract is the previously announced 3D seismic acquisition project that Polarcus entered into with Noble Energy Cameroon Limited on 02 December 2009. The survey is being acquired with a 10 streamer seismic array, each streamer being 6,000 meters long and with 100 meters separation between streamers.

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posted by The Rogtec Team @ 16:10  0 Comments

Polarcus Limited (OAX: PLCS) announced today that it has received a Letter of Intent from Gassnova SF, the Norwegian state enterprise for carbon capture and storage (CCS), for two 3D seismic acquisition projects offshore Norway comprising of a minimum of 405 square kilometers and potentially up to a total of 900 square kilometers. The program will be acquired by Polarcus Naila, the Company's second 12 streamer 3D seismic vessel. The program will commence in June 2010 and may run for up to 50 days.

"We are very pleased to have been entrusted by Gassnova with this high profile project." commented Rolf Rønningen, CEO of Polarcus. "Carbon Capture and Storage is fast becoming recognized as one of the key means to reduce CO2 emissions, with Norway one of the countries pioneering the effort to securely capture and store CO2 in suitable geologic formations under the North Sea. This new and growing business activity is also very much in keeping with our own Explore Green values and we are looking forward to participating on this exciting program."

Contacts

Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982

Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480

About Polarcus

Polarcus is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from pole to pole. Polarcus is launching a fleet of modern 3D seismic vessels using the innovative ULSTEIN X-BOW® design and incorporating advanced maritime technologies for improved operational efficiency with a reduced environmental footprint. Polarcus offers contract seismic surveys and multi client projects worldwide and has its principal office in Dubai, United Arab Emirates. For more information, visit http://www.polarcus.com/

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posted by The Rogtec Team @ 09:18  0 Comments

Reference is made to the notices published by Polarcus Limited on 19 October 2009 and subsequently on 10 December 2009 regarding the Seismic Charter Agreement between Polarcus and TGS for the charter of the 12 streamer 3D seismic vessel Polarcus Nadia. Polarcus Limited (OAX: PLCS) announced today that further to the referenced notifications, TGS has today exercised their Right of First Refusal, under pre-agreed commercial terms, for the first 6 month extension of the vessel charter to commence upon completion in May 2010 of the initial 5,000 square kilometer program.

The Right of First Refusal for TGS to extend the charter for a second 6 month increment upon completion of the first increment remains in full force and effect.

Labels: Polarcus

posted by The Rogtec Team @ 11:08  0 Comments

Polarcus Limited (OAX: PLCS) announced today that Polarcus Naila AS, a member of the Polarcus Group, today took delivery of Polarcus Naila, a modern 12 streamer 3D seismic vessel built to the ULSTEIN SX124 design. Polarcus Naila is the sister ship to Polarcus Nadia, delivered to the Polarcus Group in December 2009. The vessel was built at Drydocks World - Dubai in the United Arab Emirates and will transit to West Africa to commence a charter for Noble Energy Cameroon Limited.

Polarcus Naila is a purpose-built seismic vessel incorporating the innovative ULSTEIN X-BOW® and designed to meet the exacting specifications for offshore seismic operations worldwide. The 88.8m double-hulled vessel incorporates some of the most recent developments in maritime systems and is fitted out with the most advanced seismic technology commercially available, including the latest generation Sentinel® solid streamers. Polarcus Naila is one of the safest and most environmentally sound seismic vessels in the market with diesel-electric propulsion, high specification catalytic convertors, DP2 dynamic positioning, and advanced bilge water cleaning, enabling the vessel to conform to existing and envisaged IMO and Class rules and to comply with the Det Norske Veritas (DNV) stringent CLEAN-DESIGN and COMF-V(3) class notations.

Labels: Polarcus

posted by The Rogtec Team @ 14:14  0 Comments

Polarcus, a leading marine geophysical company, has announced that it is using Castrol Marine's range of environmentally-responsible lubricants.

The company has teamed up with Castrol Marine, one of the leading global suppliers of marine lubricants, to further reduce its environmental footprint and protect the world's oceans. Castrol Marine's range of environmentally-responsible lubricants are designed for use throughout a vessel where leakage presents a risk.

Based in Dubai, Polarcus is making a significant investment into an ultra-modern seismic fleet of high-end 12 streamer 3D and multipurpose 6 streamer 3D vessels. The vessels boast highly advanced maritime technologies for improved operational efficiency with a reduced environmental footprint.

Polarcus vessels are constructed according to DNV CLEAN-DESIGN notation, controlling and limiting operational emissions and discharges. Castrol's Bio Range of Lubricants will be used on all Polarcus vessels to significantly reduce emissions in the marine environment.

Polarcus co-founder Peter Zickerman said: "Operations in extremely sensitive areas, such as the Arctic, set the bar for Polarcus' global fleet. Efficiency is maximised by ensuring all vessels stay ahead of any environmental legislation, avoiding the need to swap vessels for different areas. The Polarcus fleet is calculated to have half the overall exhaust emissions of its nearest competitors, and with the Castrol Bio Range helping to reduce the overall emission risk them even further. The proactive approach is shared by both companies; industry peers look to Polarcus as the best-in-class environmental operator and to Castrol as the first oil major to introduce a comprehensive range of environmentally responsible marine lubricants.

Mr Zickerman added: "The green agenda is very important to all employees and crew, making Polarcus' values more than just corporate statements. Ultimately, green business is good business: it increases efficiency and profitability, creates an exciting working environment and meets customer requests for sustainability."

Pooja Moulik, Castrol Marine account manager said: "Castrol's role is to deliver outstanding lubricant performance, while helping to protect some of the world's most sensitive oceans. Castrol has developed a comprehensive range of environmentally responsible stern tube/thrusters, hydraulic and gear lubricants and grease. The products are developed to minimise shipping impact on the environment and keep critical equipment operating at maximum efficiency for longer periods, extending lubricant life and ultimately adding value throughout operations.

Luigi Tedesco, Castrol Sales Director commented: Both Polarcus and Castrol demonstrate clear leadership in an industry facing up to mounting environmental pressure. There is not one easy solution to protect the environment; all industry players have a role to play. At Castrol, we are responding to this challenge through product innovation and industry cooperation and we are aspiring to meet the highest standards of sustainability.

For more information on Polarcus, visit www.polarcus.com

Labels: castrol, Polarcus

posted by The Rogtec Team @ 15:48  0 Comments

Polarcus Limited (OAX: PLCS) announced today that Polarcus Nadia AS, a member of the Polarcus Group, today took delivery of Polarcus Nadia, a modern 12 streamer 3D seismic vessel built to the ULSTEIN SX124 design. The vessel was built at Drydocks World - Dubai in the United Arab Emirates.

Polarcus Nadia is a purpose-built seismic vessel incorporating the innovative ULSTEIN X-BOW and designed to meet the exacting specifications for offshore seismic operations worldwide. The 88.8m double-hulled vessel incorporates some of the most recent developments in maritime systems and is fitted out with the most advanced seismic technology commercially available, including the latest generation Sentinel solid streamers. Polarcus Nadia is one of the safest and most environmentally sound seismic vessels in the market with diesel-electric propulsion, high specification catalytic convertors, DP2 dynamic positioning, and advanced bilge water cleaning, enabling the vessel to conform to existing and envisaged IMO and Class rules and to comply with the Det Norske Veritas (DNV) stringent CLEAN-DESIGN and COMF-V(3) class notations.

Polarcus Nadia will transit imminently to West Africa to commence a charter for TGS-NOPEC Geophysical Company ASA (TGS).

Labels: Polarcus

posted by The Rogtec Team @ 10:38  0 Comments

Polarcus Limited (OAX: PLCS) announced today that the Company's latest newbuild seismic vessel, Polarcus Asima, was successfully launched to sea on the 09 December 2009 at the Drydocks World - Dubai shipyard in the United Arab Emirates.

Polarcus Asima is the third vessel in the Polarcus fleet and the first of the ULSTEIN SX134 design with the high class notation, ICE-1A, enabling her to operate safely and effectively in the Arctic. The 92m vessel is purpose built for the high-end 3D marine seismic market and capable of towing up to 12 by 8,000m streamers. Like the Polarcus Nadia and Polarcus Naila launched before her, the double-hulled, DP2 class Polarcus Asima incorporates many new and innovative design features designed to maximize operational performance, improve safety and comfort, and minimize emissions to air and water. Polarcus Asima is also fitted with the latest chemical-free ballast water treatment system to eliminate the risk of transporting and introducing invasive marine species into new environments.

Outfitting of the vessel will continue at Drydocks World - Dubai with final delivery scheduled for Q2 2010.

Labels: Polarcus

posted by The Rogtec Team @ 10:35  0 Comments

Reference is made to the notice published 01 September 2009 on the Norwegian OTC trading support system regarding the signature of a conditional Letter of Intent with TGS-NOPEC Geophysical Company ASA (TGS) for the charter of the 12 streamer 3D seismic vessel Polarcus Nadia for approximately 3 months commencing in December 2009.

Polarcus Limited (OAX: PLCS) announced today that further to the referenced notification, TGS-NOPEC Geophysical Company ASA (TGS) has advised the Company that the first phase of this planned program, comprising 2,000 square kilometres of long offset 3D, is now confirmed.

The Right of First Refusal for TGS to extend the charter thereafter in two 6 month increments under pre-agreed commercial terms remains in full force and effect.

TGS has further requested that the charter of Polarcus Nadia should commence as soon as the vessel is ready for operations in December 2009, subject to execution of a Seismic Charter Agreement.

Labels: Polarcus, TGS-NOPEC

posted by The Rogtec Team @ 11:44  0 Comments

Polarcus Limited has today signed a conditional Letter of Intent with TGS-NOPEC Geophysical Company ASA (TGS) for the charter of the 12 streamer 3D seismic vessel Polarcus Nadia for approximately 3 months commencing in December 2009. The Letter of Intent further includes a right of first refusal for TGS to extend the charter in two 6 month increments under pre-agreed commercial terms.

"This is an exciting moment for everyone at Polarcus and a confirmation that our company has come of age," commented Rolf Ronningen, CEO. "We are confident in our operational readiness and look forward to being able to showcase our ability to deliver superior results to both TGS and the industry at large."

Polarcus Nadia is the company's first newbuild 12 streamer 3D seismic vessel and incorporates leading-edge design features that will position her as one of the most advanced seismic vessels in the industry. The vessel's name is derived from the Arabic female name meaning "the beginning, first" and was chosen to signify the successful arrival of the company. Polarcus Nadia is in the final stage of construction at Drydocks World - Dubai in the United Arab Emirates and will mobilize for TGS upon finalization of contract.

Labels: 3D seismic, Polarcus

posted by The Rogtec Team @ 11:41  0 Comments

Polarcus Limited is pleased to announce that the Board of Oslo Bors today resolved to admit shares in Polarcus Limited for listing on Oslo Axess.

Before the first day of trading Polarcus Limited must:

• fulfil the requirement for at least 100 shareholders holding round lot shareholders, as specified in the Listing Rules section 2.4.2
• fulfil the 25 percent share distribution requirement, cf the Listing Rules section 2.4.1
• have entered into a standard listing agreement
• through the planned issue obtain a minimum of MUSD 112 in new equity.

The president and CEO of Oslo Bors is authorized to determine the first day of listing, which shall be no later than 13 November 2009.

Polarcus Limited has through the successful completion of the Initial Public Offering announced earlier today fulfilled the above requirements and intends to list its share at Oslo Axess on 30 September 2009.

Contacts
Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480

Labels: Polarcus

posted by The Rogtec Team @ 15:35  0 Comments

Polarcus Limited ("Polarcus" or the "Company") has successfully completed its Initial Public Offering. The Board of Directors of Polarcus has on Sunday 27 September 2009 resolved to issue 161,388,889 new shares at a price of NOK 4.50. In addition 24,208,111 shares were allotted under the over-allotment facility granted by the Company to ABG Sundal Collier Norge ASA and SEB Enskilda AS. The Initial Public Offering was significantly oversubscribed when the subscription period expired on 25 September 2009 at 17:30 CET. Gross proceeds from the offering of new shares (before over- allotment) amounted to NOK 726,250,000.

Chairman of the Board, Peter Rigg, comments: "We are delighted to have completed such a successful offering. Financial market conditions have been difficult for many months, however our offering of a fleet of modern vessels with unique environmental credentials operated by a proven management team has clearly proved attractive to investors. We are very grateful to them for their support."

The offering is conditional upon the Board of Directors of Oslo Børs ASA approving Polarcus for listing on Oslo Axess. Subject to such approval the shares in Polarcus will be listed on Oslo Axess on or about 30 September 2009. The Polarcus shares will trade on the Oslo Axess under the ticker symbol "PLCS".

Notices regarding allotment will be issued on or about 28 September and the transfer of shares is expected to take place on or about 30 September. The transfer of shares is dependent on the payment conditions as described in the prospectus dated 15 September 2009.

Polarcus will have a total of 263,174,820 shares (prior to the over-allotment facility) after the completion of the offering. This implies a market capitalisation of the Company of approx. NOK 1,200 million after the offering. A wide range of international and Norwegian investors subscribed for shares in the offering and Polarcus will have more than 200 shareholders after the completion of the offering.

In addition, up to 24,208,111 shares were over-allotted pursuant to the over-allotment facility. A separate press release will be issued regarding the over-allotment and stabilization activities.

ABG Sundal Collier Norge ASA and SEB Enskilda AS have acted as Joint Global Coordinators and Bookrunners for the Offering and Listing of Polarcus. In addition, Invest AD - The Abu Dhabi Investment Company acted as Lead Placing Agent. Investors, who have questions to the allotment, may contact ABG Sundal Collier Norge ASA or SEB Enskilda AS.

Labels: Polarcus

posted by The Rogtec Team @ 15:30  0 Comments

Polarcus Limited (Norwegian OTC List: PLCS) announced today the closing of the debt financing for the first four vessels, which concludes the full debt financing requirement under the current newbuilding program. This is an important step in the process of launching an ultra-modern fleet of initially four advanced seismic vessels and the build of a world class marine seismic acquisition company.

DVB Bank together with Eksportfinans guaranteed by GIEK (Garanti-instituttet for eksportkreditt), have committed a long-term senior secured facility of USD 80 million. The facility provides for long term financing over a five- and twelve-year period at an average interest rate of LIBOR + around 4.5% and contains customary financial covenants and default provisions. The financing is subject to certain standard requirements, in addition to raising new equity.

Rolf Rønningen, CEO Polarcus, commented: "This is a major step forward for the company and an important milestone for the success of building the world's most advanced seismic fleet. I am pleased that DVB Bank, Eksportfinans and GIEK have recognized our potential and put in place these facilities at competitive terms".

ABG Sundal & Collier has acted as the company's advisor in the debt financing process and Polarcus has retained ABG Sundal Collier and SEB Enskilda as financial advisers related to a contemplated share issue and IPO.

Labels: 3D seismic, Polarcus

posted by The Rogtec Team @ 09:55  0 Comments

Polarcus Limited has today signed a conditional Letter of Intent with TGS-NOPEC Geophysical Company ASA (TGS) for the charter of the 12 streamer 3D seismic vessel Polarcus Nadia for approximately 3 months commencing in December 2009. The Letter of Intent further includes a right of first refusal for TGS to extend the charter in two 6 month increments under pre-agreed commercial terms.

"This is an exciting moment for everyone at Polarcus and a confirmation that our company has come of age," commented Rolf Ronningen, CEO. "We are confident in our operational readiness and look forward to being able to showcase our ability to deliver superior results to both TGS and the industry at large."

Polarcus Nadia is the company's first newbuild 12 streamer 3D seismic vessel and incorporates leading-edge design features that will position her as one of the most advanced seismic vessels in the industry. The vessel’s name is derived from the Arabic female name meaning 'the beginning, first' and was chosen to signify the successful arrival of the company. Polarcus Nadia is in the final stage of construction at Drydocks World - Dubai in the United Arab Emirates and will mobilize for TGS upon finalization of contract.

Labels: 3D seismic, exploration, Polarcus, TGC NOPEC

posted by The Rogtec Team @ 09:46  0 Comments